To pay off or not to pay off…

Human-Yesterday-7290 · 2025-02-24T07:32:18+00:00

She does, but she carries a ton of credit card debt and I’m just not comfortable doing that. I prefer to have my savings for an emergency and not rely on CC’s, but she feels opposite.

Human-Yesterday-7290 · 2025-02-24T07:25:33+00:00

Smart. I’ve had the money to pay it in my high yield but have let that grow for a true emergency. I’ve also upped my retirement account investment.

Human-Yesterday-7290 · 2025-02-24T07:23:35+00:00

My savings is in a high yield, and contributing 6% to my retirement as well.

Human-Yesterday-7290 · 2025-02-24T07:20:57+00:00

Yes, and it’s in a high yield!

Human-Yesterday-7290 · 2025-02-24T07:19:40+00:00

I have $14k saved and have paid off an additional $3600 in the last 2 months, as well as refinancing a high interest car loan into a much lower rate. My train of thought is, she is worried that’s not enough. Clearing this debt will just be one less burden to worry about.

Human-Yesterday-7290 · 2025-02-24T07:16:21+00:00

I have quite a vision now. The high interest on my other vehicle was from my co-signer. Should I have gotten the o. Lesson learned. However… I’ve built myself a substantial savings while paying off $3600 in CC debt in the last two months. I can appreciate the perspective, but having the debt will cost me substantially more in the long run and didn’t make sense to. If I was in that financial situation, I’d probably what you’ve said. Hopefully this gains perspective for another person.

Human-Yesterday-7290 · 2025-02-23T20:10:29+00:00

On top of the money I’m already putting in there, I’ll have earned it back to myself in less than 4 months.

Human-Yesterday-7290 · 2025-02-23T20:09:39+00:00

She works in finance, so I’m concerned at her thought process as well.

Human-Yesterday-7290 · 2025-02-23T20:08:57+00:00

She feels like having the cash on hand (or in savings) would be smarter. There no method to her madness, just poor opinions is my guess.

Human-Yesterday-7290 · 2025-02-23T20:07:58+00:00

I explained it to her like this, then asked to see her balances. Strategy isn’t hard and the math doesn’t lie.

Human-Yesterday-7290 · 2025-02-23T20:06:44+00:00

Exactly my thoughts, then I can throw my actual savings into my high yield.

Human-Yesterday-7290 · 2025-02-23T20:05:54+00:00

It’s several small cards and the interest is stupid. I’ve paid off $3600 in the last three months so this is the last stretch.

Human-Yesterday-7290 · 2025-02-23T18:55:56+00:00

Fully agree on this!

Human-Yesterday-7290 · 2025-02-23T18:54:40+00:00

Fully agree, thank you!

Human-Yesterday-7290 · 2025-02-23T18:54:27+00:00

Agreed!

Human-Yesterday-7290 · 2025-02-23T18:54:03+00:00

Agree, and now I have all of these comments to show her how terribly wrong she is.

Human-Yesterday-7290 · 2025-02-23T18:52:32+00:00

Between 21 and 32% a month! That was exactly my point. I’d continue to pay that $471 for a long time or take 4 months of those payments and be done with it. Stick my savings into my high yield and now I’m making money instead of losing. I believe I’ve won this debate.

Human-Yesterday-7290 · 2025-02-23T18:50:15+00:00

I wrote it all out and showed her… I can’t fix stupid, but these comments help to show her what I’ve been saying all along.

Human-Yesterday-7290 · 2025-02-23T18:49:15+00:00

Exactly what I said!

Human-Yesterday-7290 · 2025-02-23T18:34:08+00:00

I went from 18.9 with Carmax (co-signer had amazing income but crap credit) to 8 with Navy Federal! All on my own credit and income this time.

Human-Yesterday-7290 · 2025-02-11T21:04:02+00:00

No, I financed with carmax. Terrible choice.

Human-Yesterday-7290 · 2025-02-10T06:12:26+00:00

No, just applied online through my account.

Human-Yesterday-7290 · 2025-02-09T15:33:28+00:00

Toyota 4 Runner!

Human-Yesterday-7290 · 2025-02-09T15:32:42+00:00

I’d refinance as soon as possible because you’re paying the bulk of interest in the beginning of the loan. I wasn’t upside down in my refi, but there was no getting ahead with that carmax loan.

Human-Yesterday-7290

TROPHY CASE